金吾财讯 | 招商证券发布研报指，小米集团(01810)于2025年2月27日召开小米15 Ultra暨小米SU7 Ultra新品发布会，推出小米创业十五年以来最高端的两款产品。该行看好其在AI加速产业重构过程中的端侧龙头卡位优势。
该行指，看好公司各项业务的持续向上空间：手机业务积极推进高端化战略及国际化扩展，看好未来手机份额扩张及产品结构优化；IoT业务有望持续受益于核心自研能力提升和出海广阔空间；互联网业务预计将伴随硬件业务实现持续稳健增长；首车小米SU7订单持续火爆，盈利能力持续提升，智能驾驶进入第一梯队，伴随后续车型矩阵进一步完善及生态链的协同效应，看好公司向15-20年跻身全球前五车厂的目标进军。
该行预测，公司24/25/26年总营收为3609/4916/6047亿元，归母净利润210/362/503亿元，当前市值对应PE为57.7/33.5/24.0倍;调整后净利润为256/401/543亿元，当前市值对应PE为47.2/30.1/22.3倍。维持“强烈推荐”评级。
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